The bank offers FreeAgent’s accounting software to its business banking customers and, following a rollout in the fourth quarter of 2017, more than 10,000 customers are signed up to use the FreeAgent solution.

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RBS has said intends to operate FreeAgent as an operationally independent member of the RBS Group, retaining its existing management team and maintaining its current Edinburgh location.

The bank said it “values the entrepreneurial culture of FreeAgent and believes that by providing access to the additional financial resources and infrastructure of RBS and facilitating access to potential new FreeAgent customers, there is an opportunity to accelerate the growth ambitions of FreeAgent".